Sypris Solutions Inc

NASDAQ:SYPRUnited States

Nov 12, 2024

Show headlines and story abstract

• -- Earnings Flash (SYPR) SYPRIS SOLUTIONS Posts Q3 Revenue $35.7M, from 7:48AM ET on Tuesday Nov 12, 2024 by MT Newswires

  7:48AM ET on Tuesday Nov 12, 2024 by MT Newswires
  Companies Mentioned: SYPR
  07:48 AM EST, 11/12/2024 (MT Newswires) -- ...

• -- Earnings Flash (SYPR) SYPRIS SOLUTIONS Posts Q3 EPS $0.02, from 7:46AM ET on Tuesday Nov 12, 2024 by MT Newswires

  7:46AM ET on Tuesday Nov 12, 2024 by MT Newswires
  Companies Mentioned: SYPR
  07:46 AM EST, 11/12/2024 (MT Newswires) -- ...

• *DJ Sypris Solutions 3Q EPS 2c >SYPR, from 7:45AM ET on Tuesday Nov 12, 2024 by Dow Jones

  7:45AM ET on Tuesday Nov 12, 2024 by Dow Jones
  Companies Mentioned: SYPR
  authorized; 23,041,523 shares issued and 23,022,010 outstanding in 2024 and 22,465,485 shares issued and 22,459,649 outstanding in 2023 230 224 Additional paid-in capital 156,772 156,242 Accumulated deficit (118,747) (116,932) Accumulated other comprehensive loss (20,083) (17,067) Treasury stock, 19,513 in 2024 and 5,835 in 2023 - - ---------- --------- Total stockholders' equity 18,172 22,467 ---------- --------- Total liabilities and stockholders' equity $ 121,613 $ 129,342 ========== ========= Note: The balance sheet at December 31, 2023, has been derived from the audited consolidated financial statements at that date but does not include all information and footnotes required by accounting principles generally accepted in the United States for a complete set of financial statements. Sypris Solutions, Inc. Consolidated Cash Flow Statements (in thousands) Nine Months Ended ------------------------------- September 29, October 1, 2024 2023 --------------- -------------- (Unaudited) Cash flows from operating activities: Net loss $ (1,815) $ (517) Adjustments to reconcile net loss to net cash used in operating activities: Depreciation and amortization 2,449 2,392 Deferred income taxes 39 (56) Stock-based compensation expense 660 615 Deferred loan costs amortized 6 3 Provision for excess and obsolete inventory 591 (22) Non-cash lease expense 898 667 Other noncash items 413 178 Contributions to pension plans (580) (10) Changes in operating assets and liabilities: Accounts receivable (3,606) (2,845) Inventory 8,642 (34,146) Prepaid expenses and other assets (2,116) (464) Accounts payable (3,986) 7,841 Accrued and other liabilities (1,903) 18,195 ---------- ------- Net cash used in operating activities (308) (8,169) Cash flows from investing activities: Capital expenditures (666) (1,890) ---------- ------- Net cash used in investing activities (666) (1,890) Cash flows from financing activities: Proceeds from equipment financing obligations 430 210 Proceeds from working capital line of credit - 500 Proceeds from Note Payable - related party 2,500 - Principal payments on finance lease obligations (1,006) (845) Principal payments on equipment financing obligations (471) (387) Principal payments on Note Payable - related party - (2,500) Indirect repurchase of shares for minimum statutory tax withholdings (127) (104) ---------- ------- Net cash provided by (used in) financing activities 1,326 (3,126) Effect of exchange rate changes on cash balances (18) (54) ---------- ------- Net increase (decrease) in cash and cash equivalents 334 (13,239) Cash and cash equivalents at beginning of period 7,881 21,648 ---------- ------- Cash and cash equivalents at end of period $ 8,215 $ 8,409 ---------- -------
  

• Sypris Reports Third Quarter Results, from 7:45AM ET on Tuesday Nov 12, 2024 by Dow Jones

  7:45AM ET on Tuesday Nov 12, 2024 by Dow Jones
  Companies Mentioned: SYPR
  authorized; 23,041,523 shares issued and 23,022,010 outstanding in 2024 and 22,465,485 shares issued and 22,459,649 outstanding in 2023 230 224 Additional paid-in capital 156,772 156,242 Accumulated deficit (118,747) (116,932) Accumulated other comprehensive loss (20,083) (17,067) Treasury stock, 19,513 in 2024 and 5,835 in 2023 - - ---------- --------- Total stockholders' equity 18,172 22,467 ---------- --------- Total liabilities and stockholders' equity $ 121,613 $ 129,342 ========== ========= Note: The balance sheet at December 31, 2023, has been derived from the audited consolidated financial statements at that date but does not include all information and footnotes required by accounting principles generally accepted in the United States for a complete set of financial statements. Sypris Solutions, Inc. Consolidated Cash Flow Statements (in thousands) Nine Months Ended ------------------------------- September 29, October 1, 2024 2023 --------------- -------------- (Unaudited) Cash flows from operating activities: Net loss $ (1,815) $ (517) Adjustments to reconcile net loss to net cash used in operating activities: Depreciation and amortization 2,449 2,392 Deferred income taxes 39 (56) Stock-based compensation expense 660 615 Deferred loan costs amortized 6 3 Provision for excess and obsolete inventory 591 (22) Non-cash lease expense 898 667 Other noncash items 413 178 Contributions to pension plans (580) (10) Changes in operating assets and liabilities: Accounts receivable (3,606) (2,845) Inventory 8,642 (34,146) Prepaid expenses and other assets (2,116) (464) Accounts payable (3,986) 7,841 Accrued and other liabilities (1,903) 18,195 ---------- ------- Net cash used in operating activities (308) (8,169) Cash flows from investing activities: Capital expenditures (666) (1,890) ---------- ------- Net cash used in investing activities (666) (1,890) Cash flows from financing activities: Proceeds from equipment financing obligations 430 210 Proceeds from working capital line of credit - 500 Proceeds from Note Payable - related party 2,500 - Principal payments on finance lease obligations (1,006) (845) Principal payments on equipment financing obligations (471) (387) Principal payments on Note Payable - related party - (2,500) Indirect repurchase of shares for minimum statutory tax withholdings (127) (104) ---------- ------- Net cash provided by (used in) financing activities 1,326 (3,126) Effect of exchange rate changes on cash balances (18) (54) ---------- ------- Net increase (decrease) in cash and cash equivalents 334 (13,239) Cash and cash equivalents at beginning of period 7,881 21,648 ---------- ------- Cash and cash equivalents at end of period $ 8,215 $ 8,409 ---------- -------